Toss Bank said on the 16th it will compensate all users whose yen (JPY) exchange transaction was executed during the error period on the 10th with 10,000 won in cash through their bankbook.
If receiving a bankbook is difficult, the company plans to provide a gift certificate of the same amount through individual guidance. Toss Bank plans to provide individual guidance to eligible users via application (app) notifications and Alimtalk alerts.
Toss Bank said it is closely checking the cause of the error. It strengthened verification and monitoring at the pre-exchange transaction stage and said it is also working on system improvements to prevent a recurrence.
Toss Bank said it confirmed that the error occurred because the internal system that calculates the posted exchange rate based on rate information received from multiple external institutions did not operate properly during that time.
At Toss Bank, from 7:29 p.m. on the 10th of this month for about seven minutes, an incident occurred in which an exchange rate in the 472-won range per 100 yen was applied when exchanging yen. At the time, the rate was in the 930-won range per 100 yen.
Toss Bank said, "We will take this incident as an opportunity to reflect deeply on the basics of financial services," adding, "We will restore trust through meticulous checks and improvements."